Bloomberg reports crude oil rebounded from its largest decline in three months after Iran test-fired a long-range missile in the Strait of Hormuz. Iran, which is the second-largest producer in OPEC said it may block the shipping lane and strike Israel as well as the U.S. Navy in the Persian Gulf if its nuclear facilities are attacked. Brent crude climbed 1.8% in at 11:15 AM in London reversing part of its 3.8% drop the pervious day. Nearly 40% of the world's traded oil supply passes through the Strait of Hormuz. |